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UPDATE 1-Club Med opens its books to Italian businessman
June 2, 2014 / 6:01 PM / in 3 years

UPDATE 1-Club Med opens its books to Italian businessman

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PARIS, June 2 (Reuters) - The takeover battle for Club Mediterranee intensified on Monday after the French holiday resort operator agreed to open its books to a new potential bidder, Investindustrial, a fund led by Italian businessman Andrea Bonomi.

Club Med is already being courted by French private equity firm Ardian and Chinese conglomerate Fosun International , which together have made a 557 million euro ($758 million) offer for the French operator.

Club Med said it had given Investindustrial access to its books but emphasised in a statement that this did not amount to an opinion on any potential bid that might be submitted.

French market regulator AMF last week gave Investindustrial until the end of June to make a rival bid for Club Med and on Monday it said it would not set a closing date for an offer from Ardian and Fosun until Bonomi had decided whether he would make a counter bid.

The watchdog had asked for clarity on Bonomi’s intentions towards Club Med after one of his funds, Strategic Holdings, became the company’s top shareholder last month with a stake of more than 10 percent.

Gaillon Invest, the investment vehicle behind the Ardian-Fosun bid, last week said that it did not plan to raise its takeover offer for Club Med despite a possible higher rival bid.

Gaillon Invest declined to comment after Club Med’s statement on Monday.

Club Med shares, which have gained 13.5 percent since Jan. 1, closed barely changed at 19.20 euros valuing the company at 634 million euros. ($1 = 0.7349 Euros)

Reporting by Astrid Wendlandt; Additional reporting by Matthieu Protard; Editing by David Goodman

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